Cuba’s energy and mining
sectors seek investors
• Ministry of Energy and Mines presents proposals
for foreign investment

Yudy Castro Morales

During FIHAV 2014’s third day, featured was a presentation by Cuba’s Ministry of Energy and Mines (MINEM) describing projects open to foreign investment, developed by state enterprises including Cuba Petróleo, Geominsal, Cubaníquel and Unión Eléctrica, responsible for the country’s oil, mining, and electrical industries.

Deputy Minister Javier Rubén Cid Carbonell reported that within the oil industry opportunities exist for investment in exploration and production on land, as well as in shallow and deep waters. Available for negotiation are 52 quadrants located in Cuba’s exclusive economic zone, off the island’s coastline in the Gulf of Mexico.

He indicated that investment is also being sought to support secondary exploitation of wells and fields already in production. The primary goal is to increase supplies to the national market, although the option exists to export any surplus.

Generating more energy with the use of renewable resources, the expert reported, is one of the country’s major priorities, and features largely in projects being proposed to international partners.

Being promoted are projects to construct wind farms in Maisí, with a total potential of 174 megawatts, and Banes (102 megawatts), both in the eastern part of the island. The ministry and Unión Eléctrica are proposing that these endeavors be undertaken by entirely foreign owned companies.

"The investment plan projects that a foreign party would construct and operate the facilities, while Unión Eléctrica would buy the energy produced to incorporate into the National Electrical System," Cid Carbonell explained.

Another option presented by the Ministry official was one from the sugar enterprise group AZCUBA to construct 10 biomass generating stations with a capacity of 30 to 60 megawatts, using waste materials produced during the sugar milling process.

The Minsitry representative also informed participants in a special FIHAV forum that ample geological information is available about parcels open for mining by foreign companies.